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best way to move money from Singapore to UK

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chezdor
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best way to move money from Singapore to UK

Postby chezdor » Sat, 01 Feb 2014 1:28 am

Hi, please can anyone help?

I have about 50k SGD in a Singapore bank account and I would like to transfer it to my UK bank account (having recently relocated). What's the best (i.e. cheapest and safest) way to do this?

Look forward to your replies!

ohmz52
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Re: best way to move money from Singapore to UK

Postby ohmz52 » Sat, 01 Feb 2014 6:55 am

chezdor wrote:Hi, please can anyone help?


Pass it to me, I'll sort it out for you;)
The grass is greener on the other side.

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zzm9980
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Re: best way to move money from Singapore to UK

Postby zzm9980 » Sat, 01 Feb 2014 9:13 am

chezdor wrote:Hi, please can anyone help?

I have about 50k SGD in a Singapore bank account and I would like to transfer it to my UK bank account (having recently relocated). What's the best (i.e. cheapest and safest) way to do this?

Look forward to your replies!


Well the best way means different things. Lowest cost? Most convenient? Best option given you're in the UK now and didn't plan ahead so you can't do either of the above? :)

Your only option is likely an online wire transfer. Hope you still have your 2FA token. If it's in a Citibank, you can also just do their 'global transfer' in increments of 5 or 10k per day. Instant and no-fee, but the exchange rate isn't too great anymore with Citi.

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nutnut
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Postby nutnut » Sat, 01 Feb 2014 10:25 am

I used UKforex before, although, there may be better options.
nutnut

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JR8
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Re: best way to move money from Singapore to UK

Postby JR8 » Sat, 01 Feb 2014 10:30 am

chezdor wrote:Hi, please can anyone help?

I have about 50k SGD in a Singapore bank account and I would like to transfer it to my UK bank account (having recently relocated). What's the best (i.e. cheapest and safest) way to do this?

Look forward to your replies!


Take cash from SG bank account
Go to The Arcade.
Change to Sterling cash
Declare it at Changi (they want to know, but assuming it's legit that's fine)
Deposit back in the UK.

p.s. other methods, wires etc, the rates and fees will scalp perhaps 2.5-4% off.


p.s Congrats on your 1st post in 2 years.

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Postby PNGMK » Sat, 01 Feb 2014 11:05 am

Post 1000 x GBP50 pound bills to an address in the UK - one 50 bill per envelope.

total cost is SGD1100 for postage plus $45 for envelopes.

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zzm9980
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Postby zzm9980 » Sat, 01 Feb 2014 12:24 pm

PNGMK wrote:Post 1000 x GBP50 pound bills to an address in the UK - one 50 bill per envelope.

total cost is SGD1100 for postage plus $45 for envelopes.


I'd imagine the Royal Postal Service would suspect something is up and confiscate them, making it quite the hassle.

Remember guys, he's already in the UK looking to move that money.

OP can buy Emirates return ticket from LHR to SIN for under S$1100, about the price of postage PNGMK suggested.

I just move a similar sum from the US to SG via Citibank, and it was a US$30 wire fee plus about 2.5% lost on the conversion. So the flight in and out will be cheaper if the OP doesn't mind the time it will take. Can even stay in Hotel 81 to keep costs low.

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Re: best way to move money from Singapore to UK

Postby sundaymorningstaple » Sat, 01 Feb 2014 12:33 pm

JR8 wrote:
p.s Congrats on your 1st post in 2 years.


Perhaps he found the board to be the repository of information we claim it to be and found all his answers without the need to post. So, not being the social type, hasn't filled up the board with garbage like we do, just keeping the reference until such time as he needed it? :-k :)

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Mi Amigo
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Postby Mi Amigo » Sun, 02 Feb 2014 4:48 am

chezdor, you might want to have a look at https://www.currencyfair.com/. I've not used them myself, but I've read good reviews about them. AFAIK, you can't open an account from Singapore, but now you're in the UK you should be able to do so and make SGD -> GBP transfers at favourable rates.

I believe that the way these guys work is that you can either use their bog standard rates (which seem to be competitive), or you can offer your 50k SGD up for a 'peer to peer' swap for GBP if you're willing to wait for someone who wants to do a swap in the other direction. That way you'd get an even better rate (in theory) - probably not worth the hassle for small amounts, but for 50k it might make a significant difference. Either way, I gather the transaction fees are significantly lower than what the banks charge.
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